Bitcoin Is the Future Because Fiat Money Is Fraud, Says Mexican Billionaire

Bitcoin, the world’s most valuable digital asset, jumped above $34,000 on Monday after posting a gain of nearly 5% in the last 24 hours. BTC is getting support from institutional investors and prominent billionaires despite its price dip in the last few weeks.

Ricardo Salinas Pliego, a leading Mexican billionaire and founder of Grupo Salinas, praised BTC in a recent statement. During an interview with Jose Rodriguez, Pliego said that Bitcoin is the future. He also termed Fiat money as “Fraud”.

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“Bitcoin is an asset that should be part of every investor’s portfolio. It’s an asset with international value and enormous liquidity at a global level. The finite supply of BTC is the key part. The thing about Ethereum is that the supply of ETH is not finite. That’s why I don’t believe in an asset with infinite supply. Fiat money is a fraud. I’m not picking fiat in any case. I would take Bitcoin for sure,” Pliego said.

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The world’s largest cryptocurrency is currently trading above $34,000 with a market cap of more than $640 billion. Bitcoin’s crypto market dominance stands at around 47.1%.

Bitcoin Network Activity

The network activity of BTC is closely related to its price action. In the last few weeks, the Bitcoin network saw a dip in its overall activity due to a drop of more than 40% in the price of BTC. The total number of active Bitcoin addresses reached the lowest level in 12 months in June 2021. However, due to the latest rebound in the price of BTC, the overall active BTC addresses saw a jump. “Bitcoin is rebounding again, and active addresses are growing slightly following the massive 50%+ drop from the April all-time high,” crypto analytics platform Santiment mentioned on Twitter.

During the last week, Jim Cramer, the host of CNBC’s Mad Money, said that he sold his Bitcoin holdings during the latest price correction.


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